Crow Holdings has sold an Amazon-leased industrial asset in Southern California’s high-demand Inland Empire for $102 million or $296 per square foot, with the assistance of JLL. Salt Lake City-based Property Reserve purchased the approximately 344,400-square-foot distribution facility in Bloomington, Calif., according to CommercialEdge data.
The transaction brought Property Reserve’s Inland Empire industrial portfolio to more than 1.6 million square feet, CommercialEdge shows. The market boasted the lowest industrial vacancy in the country, at 0.8 percent, in the second quarter of 2022, according to Newmark research.
And the Inland Empire industrial market is only going to get tighter. “There is a growing hesitancy among the market’s core basin cities to build new industrial product,” the Newmark report states. “Pushback from local cities along with swiftly rising land costs is leading to more construction in areas once deemed tertiary.”
Known in its project stage as Clover Distribution Center, the property at 18025 Slover Ave. broke ground in early 2020 and reached completion in 2021. The last-mile facility sits on more than 17 acres just south of Interstate 10, close to Highways 60 and 91. Interstates 15 and 215 are also nearby.
CommercialEdge shows Amazon leased the property in the last quarter of 2021. The e-commerce leader utilizes the LEED Silver-certified facility as a robotics distribution center. The property features the typical amenities found in today’s industrial facilities, including a 36-foot clear height, LED lighting and ESFR fire protection. Additional features include 49 dock-high doors, a 185-foot-deep truck court, 3 percent skylights, 3,300 square feet of office space and ample parking.
JLL’s Mark Detmer, Ryan Sitov and Evan Moran led the Capital Markets Investment Sales and Advisory team that represented the seller.
First comes funding
Crow Holdings spent the first half of 2022 making major announcements pertaining to the financing of key activities. In March, Crow Holdings Industrial Properties Trust, an acquisition and development entity managed by Crow Holdings Capital with support from wealth advisory and family office platforms, closed with more than $600 million of equity commitments for a total of $1.5 billion of leveraged buying power.
Also during the first quarter of 2022, Crow Holdings announced the final close of Crow Holdings Development Opportunities Fund I LP—an investment vehicle focusing on the development of industrial assets, as well as properties in other select sectors—having reached its hard cap of $750 million after a six-month fundraising period. The oversubscribed vehicle has a total of more than $1.5 billion of leveraged funds to invest.
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